ANZ mulls over up to 5,000 job cuts in bank revamp, report says

SYDNEY - ANZ Group Holdings is considering a reduction in headcount by as many as 5,000 people as part of a wider restructure under chief executive Nuno Matos, according to a report by Capital Brief.

No final decision has been made on the total number of cuts, with 2,000 jobs likely to go in the retail division and a further 3,000 elsewhere, the report said, citing two people with direct knowledge of the plans. 

An ANZ spokesperson said the firm is doing a strategic review of the business and will provide an update on any changes to its strategy in mid-October.

In the meantime, the Melbourne-based bank is stopping work that does not support its priorities as well as reducing duplication and complexity, they said.

Mr Matos last week was forced to apologise and accelerate planned layoffs after automated e-mails were mistakenly sent to some employees before they had been notified in person.

The Finance Sector Union has warned the lender about rushing through the restructure, which it is undertaking in part to address overlaps in its business.   

Mr Matos has said a focus of his turnaround strategy is to improve the bank’s culture and risk management.

McKinsey & Co is conducting a wide-ranging review after the banking regulator in Australia earlier in 2025 imposed additional capital requirements on the firm. 

ANZ employs around 42,000 people, including some 10,800 who work in its retail division, according to the company’s most recent annual report.  

The spokesperson said ANZ has made some changes to the senior leadership structure of its Australia retail business, and further changes in the division are under consideration.

The changes simplify the structure in order to focus on customer needs and strengthen non-financial risk management capabilities, the spokesperson added. BLOOMBERG